Econintersect: Economist Michael Hudson echoes a message delivered by Steve Keen on March 17. Both economists maintain that the discussion of debt and deficits for countries that are sovereign in their own currency is misguided. They say that the Great Financial Crisis (GFC) and the continued esonomic risks are related to out-of-control private debt and has nothing to do with governemnt debt. Hudson makes his case in a 14 minute interview on The Real News (accessed after the Read more >> jump).
See also Steve Keen: The U.S. Debt Crisis is NOT Federal Debt, GEI News 17 March 2013.
Steve Keen and Michael Hudson are two of the twelve economists who identified the development and warned of the GFC in advance, identified by Dirk Bezemer in 2009.
